Can anyone recommend a reliable debt counseling service?
A credit counseling service will contact your creditors to whom you owe unsecured debt and negotiate a reduced interest rate or alternate monthly payment schedule. They can negotiate for reduced interest rates or the elimination of interest charges altogether. Some of the big services already have arrangements with thousands of creditors, particularly the large credit card companies, and so they can cut your interest rates over the phone in just a few minutes. In exchange, you must pay them a monthly fee to manage the program. This fee can range anywhere from $10 to $140 per month. The creditors allow the counseling service to keep a percentage of what they collect much like a debt collection service.
In addition, one must meet certain requirements to participate, meaning one must have a certain amount of debt in relation to monthly income. Not everyone is allowed to participate in a credit counseling service program particularly if one’s creditors or the counseling service believes there is sufficient monthly income to cover payments on the debt.
Under the typical debt consolidation program, one payment is collected from you each month and used to make payments to all of your creditors who have agreed to the new interest rates and repayment terms. Under the plan, you agree to make regular and timely payments until the debt is paid off. Generally, the plan will take 48 months (four years) to complete.
A credit counseling service will contact your creditors to whom you owe unsecured debt and negotiate a reduced interest rate or alternate monthly payment schedule. They can negotiate for reduced interest rates or the elimination of interest charges altogether. Some of the big services already have arrangements with thousands of creditors, particularly the large credit card companies, and so they can cut your interest rates over the phone in just a few minutes. In exchange, you must pay them a monthly fee to manage the program. This fee can range anywhere from $10 to $140 per month. The creditors allow the counseling service to keep a percentage of what they collect much like a debt collection service.
In addition, one must meet certain requirements to participate, meaning one must have a certain amount of debt in relation to monthly income. Not everyone is allowed to participate in a credit counseling service program particularly if one’s creditors or the counseling service believes there is sufficient monthly income to cover payments on the debt.
Under the typical debt consolidation program, one payment is collected from you each month and used to make payments to all of your creditors who have agreed to the new interest rates and repayment terms. Under the plan, you agree to make regular and timely payments until the debt is paid off. Generally, the plan will take 48 months (four years) to complete.
References :
http://www.bcsalliance.com , its for credit and debt solutions
Reputable debt counseling services work with you to formulate a budget, help you understand how to manage your finances and set up a debt repayment plan. They can also work with your creditors to lower your interest rates so you can pay off your debts faster.
Working with a debt counseling service does not give you "bad credit," but most of the credit reporting agencies do note that you are in consumer credit counseling. This can result in higher interest rates when you go to buy things like cars. The best way to find a reputable service is to use the National Foundation for Credit Counseling. Most of the services advertised on TV charge you hefty fees for assistance.
References :
Been there, done that.
I was having a really hard time with my credit and I used a debt counselor but they didn’t do anything for me.. what I did was use a law firm, because it showed that I was serious about getting my credit in order. I looked around to see who had the best prices and talked with some people that had done it before. I went to this website.. http://www.creditlawgroup.com and called them up… After a month of using their services I had three negative items deleted from my credit report. I couldn’t believe it… If you are seriously looking to clean up your credit I suggest you give them a try.
References :
Contact Ms. Get Out Of Debt Lady. She can work miracles. Company is called Financial Destination Inc. They are wonderful. They are a legit company. They restored my credit and negotiated with my Creditors to lower my Monthly and Interest Rates payments. Please dont consolidate your Debt. It hurts your credit scores. Some people don’t know that these Debt Consolidation companies are owned by the Creditors. These Creditors are dirty. Financial Destination will educuate you on Debt and help you along the way. I refder so many people to this lady. She is great and she know what shes doing. She loves to help others. Debt was designed to eliminate your time is her favorite slogan. Please watch the movie Maxxed Out so you can get a better understanding how these creditors are litterally raping us. Please refer to website below. Website has her email address & phone #. Thanks & God Bless
References :
http://www.fdimember.com/143169
Hi,
I used "Credit Solution" to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58%.It’s legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://redirx.com/?0g4c
References :
Generic process of debt counseling involves a debt counselor who would figure out exactly how much debt you have outstanding and everything about the debt. Then he would figure out which debt is needed to be paid off first so that you do not end up losing anything like your home or vehicle, so he takes care of that type of debt first and foremost. After finally having figured out your entire financial situation he would contact your creditors that you owe money to and start negotiating with them in order to get your debt settled. And there after providing you with the affordable debt repayment plan. Again debt consolidation comes in many forms:
- Debt Consolidation Loan
- Debt Settlement Program
- Debt Management Plan
- Debt Relief, Reduction and Elimination Program
- Credit Counseling Service
- Loan Consolidation
For more information you can refer to this source of a debt counseling company named http://ezconsolidation.com
References :